LTA

This query is : Resolved

Mohd Sarfaraz Latibani (Querist)
Follow

28 July 2009 Do we need to keep bills for LTA provided by company.How many years a employee can claim it continously.What is the limit for the amount.

Thanks

Abhishek Mohta

Abhishek Mohta (Expert)
Follow

29 July 2009 1. Yes for claiming LTA exemption the assessee has to submit the bills of expenses incurred.

2. An employee can claim LTA twice in a block of 4 years and no restriction of claiming it in continous year.

3. The limit of the amount is the actual expense incurred and as prescribed in Rule 2B of income tax rules.